I understand the 25k guy .. and the seller carry back folks normally those I see that do that will get the amount they paid for the dirt back in the down payment and the note is pure profit.

Pretty often no water, sewer, power or even roads to the property. 

But it should only be attorney cost, the deed and recording fees (few hundred) , maybe a final water cert.

By improvements I mean that there is power, water and sewer/septic installed and working.

They would need to prove their system works before I take such a high risk.I have 23k in capitol to invest, originally saved for a home, and would be willing to put up 10k for their system to test the waters.

What type of MEP work are you putting into the design for getting the sewer, water, power, and internet (assuming you're not extending gas) to the inside of the building? 

Why pay rent when your landlord gives you free housing, free maintenance team, free mortgage, free electricity, free water, free trash?

Are there separate gas, electric and water meters for each apartment?

How are folks navigating 1031 and high financing rates vs taking capital gains hit and having pure cash on hand to redeploy elsewhere (in my case, rebuilding on my primary residence)?

Bonus is I am getting new HVAC, Furnace and hot water tank.